Formal bids to buy Daewoo Electronics, the unlisted South Korean electronic appliance maker, are expected to be received in mid-March, the Edaily reported.
An Edaily report (Korean), which cited financial sector sources, noted that the creditors of Daewoo Electronics plan to carry out due diligence of the potential bidders that have sent letters of intention.
The creditors hope to complete the sale by the third quarter of this year, the report added.
As previously reported (see Daewoo Electronics’ spin cycle), the creditors group terminated talks with Ripplewood, its preferred bidder, last January after earlier negotiations with Morgan Stanley failed.
According to the report, an offer from Morgan Stanley was about KRW 700bn (USD 615m) in size.
(Source: Edaily)
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